• The Biggest Accounting Problems and...

The Biggest Accounting Problems and How to Overcome Them

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Table of Content

Key takeaways.

  • Accounting problems and challenges involve difficulties in managing financial transactions, records, and reporting due to factors like outdated systems, regulations, and human error.
  • Streamline multi-currency management with advanced accounting software and international finance expertise to overcome complexities and ensure accurate financial processes.
  • Modernize accounting operations by embracing technology and automation to eliminate inefficiencies caused by outdated systems and manual processes, ensuring accurate financial management and improved productivity.

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Introduction 

In today’s dynamic business landscape, accounting professionals encounter a multitude of financial challenges and complexities. From outdated systems to regulatory compliance issues, these obstacles can impede financial progress and hinder business growth.

Navigating the intricacies of accounting is crucial for running a successful business, but overcoming these challenges can be daunting. That’s why we’ve compiled a list of the top 10 accounting problems and challenges, along with simple solutions to eliminate them. By addressing these issues head-on, your business can stay on track for success.

What Are Accounting Problems and Challenges?

Accounting problems and challenges refer to difficulties or obstacles encountered in the process of managing financial transactions, records, and reporting within an organization. These challenges can arise due to various factors, such as outdated systems, complex regulations, human error, or inadequate internal controls.

For example, a company may face challenges in accurately recording transactions, reconciling accounts, or complying with changing accounting standards and regulations. These problems can impact the reliability and accuracy of financial information, potentially leading to errors in financial statements and reports.

Addressing accounting problems and challenges requires proactive measures, including implementing efficient systems and processes, staying updated on regulatory changes, enhancing internal controls, and providing adequate training to accounting staff.

The Most Common Accounting Problems and Challenges

There’s a famous quote that you must have read somewhere, and it is relevant to this topic:

“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.”

Mistakes are valuable lessons that we must cherish and learn from. However, it is even more important to identify the mistakes made by businesses or individuals like us, in order to gain insights on how to avoid them.

Keeping this in mind, we have compiled a comprehensive list of the top 7 accounting challenges that you are likely to encounter, along with effective solutions to overcome them.

Top 7 Accounting Problems and Solutions

1. difficulty in managing multiple currencies.

Accounting across borders presents a formidable challenge for businesses. Managing multiple currencies introduces complexities due to fluctuating exchange rates and intricate currency conversion calculations. These factors can complicate financial reporting and analysis, leading to potential errors and inefficiencies in accounting processes.

Solution:  To address this accounting challenge effectively, businesses can leverage advanced accounting software equipped to handle multi-currency transactions seamlessly. These tools automate currency conversions and provide real-time updates on exchange rates, ensuring accurate and efficient accounting processes. Additionally, seeking expertise in international finance and implementing hedging strategies can help mitigate currency risks and optimize financial management across borders.

2. Payroll errors

With the rapid evolution of the employment landscape, businesses are facing new challenges in managing payroll efficiently. The shift towards remote work and diverse geographical locations has introduced complexities in navigating tax laws and employment regulations, adding to the payroll management burden.

Research indicates that 54% of companies acknowledge the need for enhancements in their current payroll policies and practices, reflecting the widespread recognition of existing payroll challenges.

Payroll errors can have significant repercussions for businesses, ranging from financial losses to legal penalties, not to mention the adverse impact on employee morale and productivity. Despite the critical importance of accurate payroll processing, statistics show that 54% of Americans have encountered pay-related issues.

Solution:  To mitigate payroll errors, it’s essential to prioritize regular payroll reconciliation after each payroll cycle and promptly address any discrepancies with the assistance of an accountant. Moreover, leveraging automated payroll solutions can streamline processes, minimize errors, and ensure adherence to pertinent laws and regulations.

3. Cash flow management

Maintaining a healthy cash flow is crucial for the survival and growth of any business. Did you know that  82%  of all businesses fail due to poor cash flow management? Despite its importance, many businesses struggle with cash flow, leading to liquidity issues and potential insolvency.

Solution:  Investing in automation is the most effective way to manage cash flow and monitor your business’s financial performance. By leveraging automated  cash flow management tools , you can streamline treasury operations and reduce the need for manual tasks. This enables financial professionals to focus on liquidity and risk management, ultimately enhancing team efficiency.

4. Delayed accounts receivable collection

Delayed accounts receivable collection poses a significant accounting problem for businesses, impacting  cash flow  and operational efficiency. Late payments from customers disrupt financial stability and hinder the ability to meet obligations, leading to increased financial strain.

Solution:  To address this  problem of accounting, businesses must implement strategic accounts receivable management practices. This includes establishing clear payment terms and communicating them upfront to set expectations with customers. Additionally, prompt follow-up on overdue payments and incentives for early settlement can expedite collections and improve cash flow. By adopting a proactive approach to accounts receivable management, businesses can enhance financial stability and operational effectiveness.

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5. Lack of internal controls

Internal controls are policies and procedures designed to safeguard assets, prevent fraud, and ensure accurate financial reporting. However, many businesses lack robust internal controls, leaving them vulnerable to errors and fraudulent activities.

Solution:  Develop and implement a comprehensive system of internal controls tailored to your business’s specific needs. This may include segregation of duties, regular audits, and implementing checks and balances throughout the organization.

6. Regulatory compliance and reporting burdens

Navigating the ever-evolving landscape of regulatory compliance and reporting requirements can be a daunting task for accounting professionals. With complex regulations such as GAAP and IFRS constantly evolving, staying compliant can feel like an uphill battle.

Solution:  To address these challenges effectively, businesses can implement solutions such as investing in advanced accounting software, providing regular training for financial professionals on regulatory changes, ensuring compliance with GAAP standards, and maintaining transparency in operations. By proactively addressing regulatory compliance issues and reporting burdens, businesses can enhance their financial reporting accuracy, compliance, and overall operational efficiency.

7. Outdated systems and manual processes

Technological advancements have transformed the accounting landscape, rendering outdated systems and manual processes inefficient. Despite this, finance teams, often considered the lifeblood of any successful business, still rely on obsolete systems and manual methods, struggling with technological obsolescence. Many of these teams continue to manually process and send payments, collect checks, reconcile financial data from a multitude of sources, and match a large volume of transactions.

This reliance on outdated methods hampers their ability to deliver accurate results and leads to hours of lost time. Without streamlined automation and digital integration, tasks such as data entry, reconciliation, and reporting become laborious and error-prone.

Solution:  To overcome this  issue in accounting, it’s imperative to embrace technology and automation. Regularly assess and upgrade accounting systems and software to stay current with technological advancements. Explore cloud-based solutions that offer scalability, automation, and real-time data access. Additionally, provide training and support to employees to ensure smooth adoption of new technologies.

By harnessing the power of innovative  accounting solutions  like HighRadius, accounting heads and managers can streamline processes and eliminate manual errors. HighRadius offers cutting-edge automation tools that seamlessly integrate with existing systems, revolutionizing the way businesses manage their finances.

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1. How do you resolve accounting issues?

Resolving accounting issues requires a systematic approach, starting with identifying the root cause through audits and reviewing financial records. Implementing corrective measures in line with accounting standards, such as adjusting entries or implementing internal controls, is crucial. Also, effective communication with stakeholders is essential to ensure transparency and alignment.

2. What constitutes the most challenging aspect of an accountant’s role?

The role of an accountant comes with various challenges, but one of the most significant is striking the right balance between accuracy and efficiency while also meeting tight deadlines and managing a high volume of transactions.

3. How can we solve accounting problems?

Solving accounting problems demands a multifaceted approach. It starts with a thorough analysis followed by the implementation of appropriate solutions. Additionally, leveraging technology can streamline processes and help prevent future issues.

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Accounting Problems (& Answers): How to Avoid Accounting Issues

Keeping up with technology and regulatory changes are significant concerns of 51% and 24%, respectively, of CPA and accounting firm survey participants, according to Accounting Today’s survey, The Year Ahead: 2022 in Numbers . 

Delays in advanced software technology adoption and failures in regulatory compliance can lead to accounting challenges and problems for businesses. These accounting issues include errors in financial statements, fraud and security risks, and the potential for massive fines and imprisonment for regulatory non-compliance.

Trained business finance teams using advanced software technology that also automates regulatory compliance can overcome typical (and new) accounting problems.

What are Accounting Problems?

Accounting problems are issues resulting in material financial statement errors, undetected fraud due to inadequate internal control, misapplication of generally accepted accounting principles (GAAP accounting standards), regulatory noncompliance, and cybersecurity risks. Accounting problems may have unfavorable cash flow impacts and misstate business profitability. 

What Causes Accounting Problems?

Some accounting problems are caused by using outdated software technology for accounting. Intentional fraud due to greed and poor internal control causes other financial issues. Low staffing levels can cause accounting problems. Not training the financial team causes accounting problems related to improperly applying GAAP.

The business must defend itself against cybersecurity attacks and stay up-to-date on changing regulatory compliance issues. 

How do Businesses Solve Accounting Problems?

Financial professionals in businesses should use software with advanced technology capable of handling current accounting standards, including revenue recognition and lease accounting, and regulatory requirements to avoid or solve significant accounting problems.

Requiring CPA employees and accountants to take relevant continuing education courses regularly can also help businesses solve accounting problems. Adequate staffing levels help accountants solve accounting issues.

Top management must communicate an ethical tone, corporate values, employee empowerment, and key expectations.

11 Common Accounting Problems

In its fiscal year 2021, the SEC received 1,913 whistleblower complaints relating to corporate disclosures and financials, signaling possible accounting problems in these publicly-held businesses. The SEC also received whistleblower complaints related to the Foreign Corrupt Practices Act. 

11 common accounting problems are:

  • Revenue recognition
  • Lease accounting 
  • Missing impairment write-downs
  • Payroll errors
  • Cash flow statement
  • Outdated accounting software technology
  • Not enough financial analysis
  • Inadequate internal control
  • Regulatory non-compliance
  • Inadequate security

1. Revenue Recognition 

Improperly applying GAAP revenue recognition standards, creating fraudulent revenue schemes, including improper accounting for consignments and third-party inventory shipments beyond the level of possible usage, and using unreasonable estimates, are revenue recognition problems. 

CFODive published an article on August 20, 2020 (based on an Accounting Today analysis) titled Improper revenue recognition tops SEC fraud cases . This article highlights the significance of revenue recognition as an accounting problem. 

Find an accounting software or ERP solution that helps your company achieve proper revenue recognition. Your accounting and finance teams need adequate training on FASB accounting standards to comply with GAAP revenue recognition. Excel spreadsheets are popular. But spreadsheets are error-prone and inefficient. If possible, seek a different software solution. 

2. Lease Accounting 

Changes to GAAP lease accounting standards require lessee companies to capitalize their operating leases with tenant right of use (ROU) and a term of over twelve months. Shorter operating leases (including office space leases) can still be recorded monthly as rent expenses. The leases are amortized over time. 

Accounting standards are codified by the Financial Accounting Standards Board (FASB). Accountants must also follow other changes to the Lease accounting standard.

Business accounting teams need adequate training to follow the latest GAAP standards on Lease accounting. And they will benefit greatly by using specialized lease accounting software.

3. Impairment Write-downs and Fair Market Valuation 

Accountants may miss making impairment write-downs or required adjustments for recording required assets or liabilities at a fair market valuation. 

Changing economic and business conditions require accountants to periodically assess whether asset valuations have been impaired (to recognize the loss of value). Accountants must also consider adjustments to the fair value of certain assets and liabilities. Accounting professionals make adjustments through journal entries and financial statement disclosures when GAAP requires.

Supply chain backlogs and economic conditions resulting from the COVID-19 pandemic triggered accounting issues to watch for, including impairment and fair value accounting, according to EY, a top-tier accounting firm. 

Examples of asset impairment include:

  • Assessing goodwill from M&A transactions annually for impairment
  • Considering capitalized lease asset impairment
  • Recording inventory at the lower of cost or market (LCM), where market value is constrained by an upper range not exceeding net realizable value and a lower range of net realizable value less a normal profit margin. 

Examples of fair market valuation include:

  • Trading securities (debt and equity) held as short-term investments; gains or losses on trading securities flow to Net Income on the income statement
  • Available-for-sale securities (debt and equity) held as investments to be sold before maturity; net gains or losses are included in Shareholders’ Equity as Other Comprehensive Income (Loss), listed below Retained Earnings 
  • Liabilities measured under ASC 820 Fair Value Measurements and Disclosures  

Accountants must have adequate training to properly record asset impairments and fair market valuation when required by GAAP and make necessary financial statement disclosures. Research financial statement areas subject to accounting issues with impairment. 

4. Payroll Errors

If a small business decides to calculate its own payroll, payroll taxes, and benefits, it’s possible that payment errors and accounting problems will occur. Payroll problems like miscalculating paychecks for salary expenses and hourly wages hurt employee morale and productivity.

Outsource payroll to a very experienced company providing those services, like ADP or Paychex. If the right number of hours and payroll information is provided, payments and taxes withheld should be correctly computed and compliant with tax laws. You can expect accurate reports to account for those items. Your business can make payroll tax remittances on time when due.

5. Cash Flow Statement

The cash flow statement may include errors in classification by activity type and may not include restricted cash, a newer GAAP requirement. 

Cash flow statement classification errors may include misclassifying the type of activity for interest and dividends received and paid. Interest received and paid is an operating activity in the cash flow statement. Dividends received are an operating activity, and dividends paid are a financing activity in the cash flow statement. 

The CPA firm, RSM, summarizes U.S. GAAP (vs IFRS) classification for certain items in the cash flow statement, including interest and dividends and restricted cash. 

Cash flow statement problem solving requires keeping up to date with FASB updates and training topics related to cash flow statement preparation to understand the basics. 

6. Outdated Accounting Software Technology

Outdated accounting software technology isn’t efficient, doesn’t provide real-time results for visibility in managing the company or its sales & marketing processes, relies on manual data entry and paper documents for business transaction processing and recording, and doesn’t automate regulatory compliance. 

Outdated ERP systems may not be cloud-based. On-premises software systems cause inefficiencies in accessing the software and require more IT department resources to update the system and address software and hardware problems at the company’s location. These ERP systems not deployed on the cloud aren’t ideal for the changed reality of remote or hybrid work situations. 

Upgrade outdated software technology in accounting software or ERP systems by changing to modern cloud-based software. If you don’t have the budget for an ERP system overhaul, consider integrating third-party add-on software to meet your needs for:

  • AP automation and global mass payments software, also automating regulatory compliance 
  • Subscription billing (applicable to a SaaS , publishing, or utilities business model)
  • Forecasting, planning, and cash management software
  • Customer relationship management (CRM) software to increase efficiency and better track the sales and marketing process 
  • Lease accounting specialty software
  • Revenue recognition software functionality, if not included in your ERP 
  • Data visualization software for data analytics and business intelligence

7. Not Enough Financial Analysis

An accounting team without efficient accounting systems is spending too much time closing the books, leaving less time for value-added work. Financial analysis adds value by calculating ratios, spotting and managing business trends, and providing decision support for new opportunities.

Use enhanced cloud-based ERP systems and third-party add-on software with built-in artificial intelligence/machine learning that automates accounting processes and financial analysis to the extent possible. You need real-time dashboards with your company’s KPIs (key performance indicators), including trend analysis that all functional areas with authorization privileges can access. 

Supplement these systems with data visualization software like Tableau or Microsoft Power BI for data analytics with real-time capabilities and periodic automated report runs for data your company follows as timeline trends. Data visualization software embeds machine learning tools to deliver business intelligence. 

8. Inadequate Internal Control 

Small businesses may not have enough staffing to attain the separation of duties needed for adequate internal control. Their accounting systems may be inadequate to prevent fraud and duplicate payment errors. 

When segregation of duties isn’t being achieved, get the business owner involved in the approval process as a matched vendor invoice document reviewer and second signature. 

The finance and accounting department needs the human capital and software resources required to perform its duties and achieve results. Is the accounting department getting its fair share of company resources? 

Custody of Assets

Custody of assets includes recorded balance sheet assets and assets not yet recorded in the books like undeposited cash. 

Inventory needs controls for proper receiving, custody, secured storage with controlled access, and physical inventory in full annually and via periodic cycle counts. Office equipment should also be tagged upon receipt and subject to a physical inventory. As stated earlier, inventory should be tested for any loss in value requiring a write-down. 

Discrepancies in the balance of fixed assets may result from a physical fixed asset count. Set a proper cutoff for recording fixed asset purchases. 

If a fixed asset isn’t recorded, look for the purchase documents and invoice to record it. If another fixed asset isn’t counted, investigate where it may be or if it was sold. For accounting purposes, record the difference between the book value of fixed assets net of accumulated depreciation and sale proceeds, computing gain or loss on the sale of fixed assets. Write off missing fixed assets if necessary after your investigation. 

Fraud, including embezzlement, may result from inadequate internal control and employee collusion. 

Use modern cloud-based automation software that helps you find fraud and errors like duplicate payments. Use variance analysis and followup on significant differences for budget vs actual expenses. Review vendor master files, perform 3-way document matching for invoices, and validate vendors for authenticity before paying them. 

Strive to achieve adequate segregation of duties with employee task assignments. Control or custody of assets and recording transactions in the books need to be performed by different employees. 

10. Regulatory Non-Compliance

Regulatory compliance covers different areas, including taxation, data privacy and security, sanctions lists like OFAC, and the Foreign Corrupt Practices Act (FCPA). 

The Foreign Corrupt Practices Act covers not making bribes in foreign countries. And the FCPA’s scope goes far beyond preventing bribes. 

Violations of the Foreign Corrupt Practices Act and other regulations could result in:

  • Massive fines for companies and convicted individuals
  • Imprisonment
  • Tarnishing a company’s and convicted individual’s business reputation and ethics

Familiarize your company, including the financial and accounting staff, with regulatory issues applying to your industry and company. Perform a project to document regulatory concerns and distribute the results widely. Hold a training session for company employees. Emphasize company values that include being ethical and empowering employees to act as the “conscience of the company.”

Find an automation software solution handling regulatory compliance. Tipalti AP automation software includes automated regulatory compliance features. 

11. Inadequate Security

Cybersecurity is a significant issue that can compromise business intellectual property and customer data and employee records in your system. 

Implement the most advanced cybersecurity software. Create and distribute an up-to-date company policy on required steps for achieving adequate cybersecurity. Train employees on how to avoid email and other scans that can result in hacks compromising company security. 

Using Automation to Solve Accounting Problems

You can solve some accounting problems and become more efficient by applying accounting automation software. AP automation will provide significant benefits for your business.

Accounting Automation Software Applications

Businesses can deploy accounting automation in several areas to improve accounting processes and results. Accounting systems automation includes efficient financial technology (FinTech) applied to vendor invoice processing and payments and customer billing and accounts receivable. 

Automate subscription billing, if applicable to your business model. Use automated customer credit decision solutions to decide which customers will be offered accounts receivable instead of requiring cash payments upfront. 

Integrate CRM and marketing automation software like Salesforce and Marketo to improve sales & marketing processes and convert more new customers. 

Automate forecasting, budgeting, business planning, and cash flow management. 

AP Automation Software Benefits

Gain time to perform financial analysis by closing the books sooner. You can accomplish this by automating routine accounting processes like accounts payable and global mass payments with add-on AP automation software accessed via ERP integration. 

Automated systems provide outsized benefits in the areas of payables automation and global mass payments to suppliers, vendors, and payouts to independent contractors, including freelancers and affiliates, and royalty recipients. Automated systems improve cash flow . They increase efficiency to let your company process vendor invoices and pay in time to take lucrative early payment discounts . 

The best add-on AP automation and global mass payments software:

  • Automates supplier onboarding and tax compliance
  • Scans with OCR technology or uploads invoices and supporting documents electronically 
  • Improves your company’s expense management
  • Makes efficient batch payments using a choice of payment methods
  • Automates payments reconciliation and adds more accounts payable reports
  • Lets your company close its books faster during the accounting cycle
  • Reduces fraud and errors
  • Automates regulatory compliance

Using electronic documents instead of paper-based documents:

  • Ends paper-based data entry, invoice matching, and processing costs
  • Creates a relevant document repository through the supplier portal
  • Creates an audit trail
  • Enables automatic approvals with notifications and follow-up
  • Makes efficient batch payments (or single payments)
  • Ends the inefficient, unsafe, and costly use of paper checks
  • Automatically reconciles batch payments

The level of resources required in accounting and bookkeeping can be leveraged by efficiencies provided by AP automation software. Efficiency is improved by up to 80%. Books are closed much more quickly, letting the finance team spend more time on value-added financial analysis and decision support. 

Cloud-based AP automation software using AI/ML and RPA and tools for regulatory compliance work in combination with ERP systems. 

Real-time SaaS automation software and ERP systems with modern technology can prevent or solve several types of accounting problems and issues, including fraud, accounting errors related to vendor invoices and payments, GAAP compliance in financial reporting, and regulatory compliance.   

And adequate training of the finance and accounting team prevents or solves accounting problems.

About the Author

Barbara Cook

Barbara Cook

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Six ways to solve 80% of your accounting problems

Accounting problems can have serious consequences for your business and are definitely worth avoiding. Here we outline six ways to solve the majority of your accounting issues.

1. Know the difference between profit and cash flow

If you’re a new business owner, it can be easy to spend money on growing your business rather than earning that money back again in profits. You may have a profitable business, but it can still become bankrupt by having all its money tied-up in assets, leaving you unable to pay its expenses.

The problem with growing too quickly is that you can end up in a lot of debt and with very little cash flow, even though your business may be making solid profits. You can only stay afloat using loans, credit cards and lines of credit for so long.

In order to avoid this situation, it’s important to understand the difference between profit and cash flow. Your profit is what you’ll be taxed on at the end of the financial year, whereas your cash flow is what’s actually in your bank (each month) as money comes in and goes out of your business.

It can be easy (particularly for a new business owner) to make a profit but have issues with cash flow. Keep track of what you’re spending and selling. You might have bought too much stock, drawn out too much money, or paid cash for assets that depreciate. Take a thorough look at your books before taking on expansion plans that could put your business at excessive risk.

2. Understand the impact of purchasing assets

If you decide to buy assets like machinery or office equipment with cash, it will reduce your cash reserves. And by doing so, you might be placing your business at risk.

You also won’t be able to claim the whole cost of the asset as an expense. Leasing could be a better option as it spreads the cost over time, meaning your cash lasts longer rather than being spent in one hit.

When you decide to make a major business purchase, such as a new vehicle, also think about taking out a short-term loan.

3. Take your bookkeeping seriously

As a small business owner, it’s vital you record and structure everything correctly when keeping the books.

For your sake, your accountant’s sanity, and to satisfy the tax department, you’ll want to build an accurate and reliable picture of your business’s health. Not only are there laws to be met, but you’ll be able to determine how well (or how poorly) your business performed over a certain period.

The advantages of keeping your books clean and up-to-date include:

  • Paying your bills on time and gaining a good credit score.
  • Less chance of becoming a victim of fraud – because you’ll be able to keep a close eye on stock levels and help prevent staff theft.
  • Saving money – if your accounts are accurate when you meet your accountant at the end of the year.

These days, many small business owners use online accounting software like Receipt Bank to keep an electronic record of their receipts and invoices in the cloud. Take a look at the online accounting options that could enhance your bookkeeping accuracy.

4. Reconcile accounts with your bank feed

To reduce the chance of inaccuracies, it’s important you reconcile your business’s accounts with your bank feed regularly.

As a small business owner, online accounting software can be vitally helpful when it comes to reconciling your accounts. An online banking feed will help you ensure all transactions are accounted for. Reconciling accurately can save your business time and money.

Going through this process on a fairly regular basis will help you track your business’s financial situation. After all, with your mind mainly focused on the day-to-day running of your business, it’s possible that smaller expenses could get forgotten and go unrecorded.

5. Keep up-to-date with your accounting records

Keeping accurate records of all your business’s transactions (even the seemingly insignificant ones) is essential to running a successful business. Assigning a few minutes a day to sorting your invoices and receipts will help you avoid having to untangle a web of neglected records come tax time.

By staying on top of your smaller transactions, it will be a lot easier to manage the larger ones. You’ll be able to consistently manage your books and continue growing your business in confidence as the numbers of transactions increase.

6. Separate your business expenses from your personal ones

One of the most widespread accounting errors involves mixing up personal and business expenses. Keeping all your business finances in one place will make tax time much more bearable.

Ideally, you’ll want to be able to browse your business’s accounts at the end of each month and be sure no personal expenses are included. Some methods you can put in place to achieve this are:

  • Using an online invoicing and billing system – where you can access the data from anywhere and record purchases with your phone while on the go.
  • Getting a dedicated business credit card – to ensure all relevant purchases can easily be accounted for.

If you do get a business credit card, just remember to only use it for work expenses.

These six tips can go a long way to solving typical accounting problems. Keep on top of your records, reconcile often, and ensure your personal expenses are separate from your business ones.

  • Talk to your accountant about how you’re going about record keeping.
  • Speak to your bank manager about opening up a business bank account.

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    Here we outline six ways to solve the majority of your accounting issues. 1. Know the difference between profit and cash flow. If you’re a new business owner, it can be easy to spend money on growing your business rather than earning that money back again in profits. You may have a profitable business, but it can still become bankrupt by ...

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  10. How to Solve Accounting Questions: A Step-by-Step Guide

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